EURUSD Elliott Wave Analysis: Bearish Reversal
EURUSD spiked to 1.3900 last week from where we can see some downside pressure that could be start of an important bearish turning point on this pair. Notice that price is now already beneath the channel support line and threatening the wave B swing low around 1.3615. Further weakness, through the support will be another confirmation for a change in trend. For now, critical region is at 1.3818, as long this swing stays in place the bias is down.
EURUSD 4h Elliott Wave Analysis
On intraday chart EURUSD is moving down in third leg of decline, labeled as wave C/3 that should be made by five waves. We see current sideways price action as fourth wave so be aware of more downside as long as 1.3740 holds.
EURUSD 1h Elliott Wave Analysis
Written by www.ew-forecast.com
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.
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